The shortened trading week started off on a bullish tone in the grain complex. With Corn trading at 30 month highs, the buying momentum continued Tuesday morning as buyers saw opportunity when Corn made new contract highs. Buying continued into the closing bell, but it was a different story during the open on Wednesday.

As Corn was trading at their highest levels, sellers wanted to test the highs and started selling heavily in the morning. Traders with long positions started to liquidate and book profits before the market fell any lower. With bears adding to their short positions and the longs exiting, it caused added volatility to the markets, creating an outside day chart formation for March Corn. Traders believed Wednesday’s action was panic trading, which allowed bulls to step back into the pits and lift prices up into Friday. Corn prices recovered and topped the charts again, printing at a new contract high of 6.67. Corn futures once again closed at their highest levels in thirty months at 6.5725 for the week. Soybean futures have been range bound since the USDA numbers were released the prior week. Soybeans have been trading between 14.31 – 13.83. Soybeans had a solid support at the 14 handle. Soybeans briefly traded below 14.00 on Thursday allowing bulls to step in as they saw this as an opportunity when sell stops were triggered below their support price. Buyers lifted prices back above 14.00 to settle the week at 14.1225.

Soybean prices continue to advance on overseas purchases. Wheat futures were quiet until Wednesday, when prices traded above their technical resistance price level 8.00. Volume started to pick up through the week as Wheat prices stayed above 8.00. Wheat futures were active Friday as they were trading above 8.00 the whole session grabbing the attention of buyers as they lifted offers into the closing bell. Wheat futures settled at the highest levels in more than twenty-four months at 8.2450.

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